What is Blockchain Technology?

Even though blockchain technology has been around for more than a decade, people have only recently noticed it because of its potential uses in various industries.

You want to be fully educated on the different terms & technology before investing thousands of dollars into anything. Today, we will explain blockchain technology & discuss some of its applications.

Blockchain Technology

A blockchain is a type of shared database that differs from a typical database. It stores information; blockchains store data in blocks linked together via cryptography.

How Did Blockchain Technology Come About, and Who Created It?

The first blockchain was created in 2009 by an anonymous person or group known as Satoshi Nakamoto.

Bitcoin is the first and most well-known blockchain innovation. It was a proof-of-concept digital currency that launched in 2009.

Bitcoin

Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller directly written into lines of code.

Smart Contracts

Proof of Stake

Proof of stake (PoS) is an algorithm that rewards users based on how many coins they hold.

Blockchain Scaling

One of the challenges facing blockchain technology is scalability.  One way to address the scalability issue is through off-chain or sidechain solutions.

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